Hedge Fund Alpha

02/27/2026

Despite AI Boom, Hedge Funds Rotate Toward ‘Old Economy’ Cyclicals and Value Stocks: Goldman Hedge Fund Monitor

Hedge funds are up 1.5% through February 19, but performance has been pressured by a sharp January short squeeze and factor rotations beneath the surface.

Goldman Sachs’ latest Hedge Fund Trend Monitor shows funds piling into mega-cap tech while simultaneously rotating toward industrials, materials, energy, and other “old economy” cyclicals. Value has outperformed growth year to date, and Goldman expects that trend to continue.

Semiconductors are now at record long weights, while software exposure has dropped to the lowest level in over a decade. Meanwhile, short interest remains elevated in small caps and defensive sectors, setting up further volatility if positioning unwinds.

Our full breakdown covers leverage levels, factor performance, Hedge Fund VIPs, Rising Stars, Falling Stars, and where capital is moving next.

Read the full analysis here: https://hedgefundalpha.com/news/hedge-fund-monitor-q4-2025/

Hedge funds rotate toward old economy cyclicals and value stocks as short squeeze drags returns. Tech shifts to semiconductors.

02/25/2026

Eric Khrom Details Massive Upside for His Five Top Holdings; 20% CAGR Since 2008

Khrom Capital returned 8.6% net in 2025 and has compounded at roughly 20% annually since inception, delivering 1,131% cumulative net returns versus 622% for the S&P 500.

In his 2025 letter, Eric Khrom outlines significant upside across his top five positions:

• Acadia Healthcare – Potential normalization in liability costs and maturing bed capacity could drive EBITDA toward $800M, implying substantial upside.
• Amcor – Post-merger scale advantages and $650M in projected synergies by 2028 support earnings expansion.
• GXO Logistics – Automation, outsourcing tailwinds, and margin expansion could drive meaningful multi-year EPS growth.
• Capital One – The Discover acquisition positions the company for vertical integration and network economics re-rating.
• HCI – Core insurance operations trading at low multiples, with additional upside from the Exzeo insurtech spin-off.

Across the portfolio, Khrom emphasizes buying temporary dislocation in durable franchises with clear paths to normalized earnings power.

Read the full 2025 letter breakdown here: https://hedgefundalpha.com/investor-letters/eric-khrom-capital-2025-stocks/

Khrom Capital sees massive upside in its top five positions including Acadia Healthcare, Amcor, and GXO Logistics for 2025-2028.

02/23/2026

Hondius Macro Leads Hedge Fund Rankings with 17% YTD; RCMA and Niederhoffer Join Top Tier

The latest HSBC hedge fund data shows a reshuffling at the top.

Hondius Macro leads the rankings with 17.05% YTD returns, followed closely by Equitile M3 and WHG Alpha Global. RCMA Capital, Roy G. Niederhoffer, and Trefoil Capital Advisors also entered the top tier this week, highlighting renewed strength in macro, commodity, and systematic strategies.

On the downside, RPD Opportunity Fund and Union Square Park Partners remain among the weakest performers, while Nutshell reported additional losses.

Our full breakdown covers the top 10 performers, key strategy trends, and the five biggest underperformers.

Read the full ranking update here: https://hedgefundalpha.com/news/hedge-weekly-hondiu-macro-fund/

Hondius Macro leads hedge fund rankings at 17.05% YTD. RCMA, Niederhoffer, and Trefoil enter top performer lists this week.

02/20/2026

Hedge Funds Double Down on Big Tech While Abandoning Former Favorites; Big Bets on Unexpected Healthcare Stock – Q4 2025 13F Roundup

Q4 2025 13F filings reveal a clear pattern: hedge funds aggressively adding to AMZN, META, MSFT, and GOOGL while exiting or trimming prior high-conviction names like CMG, NFLX, FLUT, and PM.

At the same time, several prominent managers opened airline positions in the same quarter, an unusual level of cross-fund alignment. Four major funds also initiated fresh positions in newly public Medline (MDLN), signaling strong conviction in a healthcare name that had largely flown under the radar.

Our full recap breaks down new buys, increases, exits, and trims across dozens of leading managers, highlighting sector rotation, concentration risk, and emerging themes heading into 2026.

Read the full Q4 2025 13F roundup here: https://hedgefundalpha.com/news/13f-q4-2025/

Q4 2025 hedge fund 13F filings reveal portfolio changes from Paulson, Viking Global, Elliott Management, and other major funds.

02/18/2026

Nearly Penniless, Matthew Fine of Third Avenue Learned During the Dotcom Bubble to “Buy Grey Clouds and Sell Sunshine”

Value investing means different things to different managers. At Third Avenue, it means buying businesses at deep discounts to conservative estimates of intrinsic value and refusing to pay for uncertain growth.

In this interview with Hedge Fund Alpha, Matthew Fine discusses carrying forward Marty Whitman’s legacy, focusing on balance sheet strength, and investing in unpopular industries like autos when pessimism is extreme. He reflects on lessons from the dotcom bubble, Argentina’s sovereign crisis, offshore oil restructurings, and why humility about forecasting is central to long-term success.

The core philosophy remains simple: buy grey clouds, sell sunshine, and insist on strong capitalization to endure the storm.

Read the full interview here: https://hedgefundalpha.com/profiles/matthew-fine-third-avenue-funds-bio/

Third Avenue’s Value Fund proves value investing works long-term. Matthew Fine shares insights on strategy, lessons, and market outlook.

02/17/2026

Hedge Funds Look Poised to Tap Into the Paradox Across the Investment Landscape: Interview With Evanston Capital

Markets may appear orderly, but underneath the surface, dispersion, fragmentation and policy uncertainty are reshaping the opportunity set.

In this interview with Hedge Fund Alpha, Kristen VanGelder of Evanston Capital explains why the current environment may favor active over passive management in 2026. From concentrated equity indices and tight credit spreads to forced selling in leveraged loans and growing short-side opportunities, Evanston sees rising dispersion across strategies.

The discussion covers short alpha, hidden credit stress, CLO ownership caps, discretionary macro versus trend following, convertible bond supply dynamics, catastrophe reinsurance, and niche volatility strategies where capacity constraints create asymmetric return potential.

Read the full interview here: https://hedgefundalpha.com/profiles/kristen-vangelder-evanston-capital-interview/

Hedge funds are positioned to capitalize on market paradoxes in 2026, says Evanston Capital. Active management may outperform passive.

02/13/2026

Hedge Fund Management Is Not a 9–5 Job: Interview With Oasis Management’s Seth Fischer

For Seth Fischer, hedge fund management was built on overnight shifts, deep research, and relentless curiosity.

In this interview with Hedge Fund Alpha, the Oasis Management founder and CIO discusses working Asian hours for seven years at Highbridge, launching Oasis in 2002, and building an engagement-driven strategy across Asia. He reflects on convertible bond arbitrage in Japan, corporate governance activism, fraud lessons that reshaped his due diligence process, and why the job requires constant learning and intellectual intensity.

From Toyota convertibles to shareholder engagement battles, Fischer makes clear that successful investing is rarely a nine-to-five endeavor.

Read the full interview here: https://hedgefundalpha.com/profiles/oasis-management-seth-fischer-interview/

Seth Fischer of Oasis Management shares how working nights shaped his investing career and led to success in Asian and global markets.

02/11/2026

Seeking Blind Spots in Emerging Markets: Interview With TT International’s JC Sambor

Emerging markets have outperformed U.S. equities in 2025, but JC Sambor of TT International argues that the real opportunity lies beneath the surface.

In this interview with Hedge Fund Alpha, Sambor explains how market structure in EM debt has shifted toward local flow dominance, why traditional “happy globalization” narratives no longer apply, and how his team seeks alpha by identifying blind spots rather than relying on consensus fundamentals or macro forecasts.

From FX and rates to sovereign and distressed credit, TT’s new EM macro hedge fund focuses on localized macro themes in a fragmented, deglobalizing world.

Read the full interview here: https://hedgefundalpha.com/profiles/tt-international-jc-sambor/

Emerging markets are surging in 2025. TT International’s JC Sambor shares how his team is uniquely capturing EM alpha in this new cycle.

02/09/2026

$115 Billion in One Year: Top 20 Hedge Fund Managers Earn as Much as the Bottom 9% of U.S. Households

The scale of hedge fund wealth creation has reached unprecedented levels.

According to a new analysis by Hedge Fund Alpha, the top 20 hedge fund managers generated $115.8 billion in gains in 2025 alone, equal to the entire annual income of the bottom 8.6% of U.S. households, or roughly 11.7 million households. Over the past 12 years, these same managers have produced $594 billion in net gains and now sit just $30 billion away from $1 trillion in lifetime profits.

This deep dive breaks down the data year by year, compares hedge fund gains to U.S. household income growth, and explains how a small group of managers now accounts for more than 40% of the industry’s total lifetime value creation.

Read the full analysis here: https://hedgefundalpha.com/news/hedge-fund-managers-income-inequality/

02/05/2026

Interview With Ninety One’s Varun Laijawalla: EM Out of Favor, but the Next Decade Could Look Very Different

Emerging markets have been out of favor for more than a decade, but that may be changing.

In this interview with Hedge Fund Alpha, Varun Laijawalla of Ninety One explains why sentiment toward EM equities has been so negative, how structural shifts, particularly in China and capital allocation discipline, could reshape the asset class, and why select markets like the UAE are increasingly attractive today. He also shares insights into his investment process, conviction-driven portfolio construction, and lessons learned from both successful and failed investments.

Read the full interview here: https://hedgefundalpha.com/profiles/varun-laijawalla-ninety-one-interview/

Ninety One’s Varun Laijawalla sees a turning point for emerging markets, shares lessons from his career, and UAE stock picks.

02/04/2026

Taking a Deep Dive Into BlackRock’s Recommendation to Boost Hedge Fund Allocations

In a shifting macro environment marked by higher volatility and fewer reliable anchors, BlackRock argues that some investors may be able to allocate up to five percentage points more to hedge funds than they did pre-2020.

In this interview with Hedge Fund Alpha, Vivek Paul of BlackRock Institute discusses why deliberate management of macro risk matters more today, how hedge funds can be funded from bonds or equities rather than private assets, and why governance, liquidity, and risk constraints should drive allocation decisions.

Read the full interview here: https://hedgefundalpha.com/profiles/vivek-paul-blackrock-interview/

BlackRock's Vivek Paul says some investors may add up to 5% more hedge funds today, depending on liquidity, governance and risk limits overall.

02/03/2026

Warren Buffett’s philanthropy doesn’t just move billions into charitable causes, it also shapes one of the most closely watched pools of capital in the world.

📊 Buffett-linked foundations now oversee more than $5B in assets, including over $500M invested in Amazon, alongside hundreds of stocks and bonds across sectors.

We reviewed the latest IRS filings to break down every stock and bond held by:

• Susan Thompson Buffett Foundation
• Sherwood Foundation
• NoVo Foundation
• Howard G. Buffett Foundation

➡️ Full holdings, gains, losses, and portfolio details here:
🔗 https://hedgefundalpha.com/foundations/warren-buffett-linked-foundations-990-filing-2024/